Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of January 9, there are 880 stocks with a circulating market value below 3 billion yuan, and 345 of these have a circulating market value below 2 billion yuan [1] - A total of 1,538 stocks have a total market value below 5 billion yuan, with 497 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Changyao at 284 million yuan, *ST Aowei at 372 million yuan, and Kuntai Co. at 633 million yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 284 million yuan, *ST Aowei at 420 million yuan, and *ST Lifang at 648 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as pharmaceuticals, defense, automotive, and more, with notable examples like *ST Changyao and *ST Aowei [1][2]

Core Viewpoint - The company, Aowei Communication Co., Ltd., is facing significant financial difficulties, with negative net profits and a risk of delisting due to low market capitalization and poor financial performance [1][2][9]. Financial Performance - For the first nine months of 2025, the company reported a revenue of 34,002,503.53 yuan and a net loss attributable to shareholders of -187,637,220.10 yuan, with a net loss of -167,982,935.33 yuan after excluding non-recurring gains and losses [1][9]. - The company received an audit report from Rongcheng Accounting Firm stating that it could not express an opinion on the financial report for 2024, indicating severe financial issues [1]. Stock Performance and Risks - As of December 31, 2025, the company's stock closed at 1.4 yuan per share, with a total market capitalization of 486 million yuan, which is below the 500 million yuan threshold that could lead to delisting [2][9]. - The company's stock experienced a cumulative price drop of -70.31% over 30 trading days from November 27, 2025, to January 9, 2026, indicating severe trading volatility [3]. Company Statements and Compliance - The company confirmed that there are no undisclosed significant matters that could affect stock trading prices, and it has not found any major changes in its operational environment [4][5][7]. - The board of directors emphasized that all disclosed information is accurate and complete, and there are no corrections or supplements needed for previously disclosed information [4][7].

证券代码：002231 证券简称：*ST 奥维 公告编号：2026-003 奥维通信股份有限公司 股票交易严重异常波动暨风险提示的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、奥维通信股份有限公司（以下简称"公司"）2024 年度经审计净利润、扣 除非经常性损益后的净利润均为负值且扣除后营业收入低于 3 亿元；容诚会计 师事务所（特殊普通合伙）对公司 2024 年度财务报告出具了无法表示意见的审 计报告。公司触及《深圳证券交易所股票上市规则》9.3.1 条（一）及（三）的 规定，自 2025 年 4 月 29 日起被实施退市风险警示。 2、公司于 2025 年 10 月 31 日披露了《2025 年第三季度报告》，公司 2025 年 1-9 月份实现营业收入 34,002,503.53 元，归属于上市公司股东的净利润 -187,637,220.10 元，归属于上市公司股东的扣除非经常性损益的净利润 -167,982,935.33 元。如公司 2025 年度存在《深圳证券交易所股票上市规则》第 9.3.12 条规定的情形，公司股票将被终止 ...

Core Viewpoint - *ST Aowei (002231.SZ) has stated on the investor interaction platform that the company has not triggered any circumstances for suspension or delisting [1] Group 1 - The company confirmed that it is currently not facing any suspension or delisting issues [1]

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of January 7, there are 918 stocks with a circulating market value below 3 billion yuan, and 360 of these have a circulating market value below 2 billion yuan [1] - A total of 1,575 stocks have a total market value below 5 billion yuan, with 535 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Changyao at 294 million yuan, *ST Aowei at 409 million yuan, and Kuntai Co. at 627 million yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 294 million yuan, *ST Aowei at 461 million yuan, and *ST Lifang at 648 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as pharmaceuticals, defense, automotive, and more, highlighting the diversity within small-cap stocks [1][2]

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 14.44 yuan, with 34 stocks priced below 2 yuan, the lowest being *ST Changyao at 0.84 yuan [1]. Group 1: Market Overview - As of January 7, the Shanghai Composite Index closed at 4085.77 points, with a relatively small proportion of high-priced and low-priced stocks in the A-share market [1]. - Among the low-priced stocks, 9 are ST stocks, accounting for 26.47% of those priced below 2 yuan [1]. Group 2: Stock Performance - In the low-priced stock category, 4 stocks increased in price today, with the highest gains being 11.94% for Dongtong Tui, 9.94% for Rongsheng Development, and 2.38% for Jiugang Hongxing [1]. - Conversely, 25 stocks declined, with the largest drops being 5.00% for *ST Aowei, 4.55% for *ST Changyao, and 2.88% for *ST Lifang [1]. Group 3: Low-Priced Stock Rankings - The table lists various low-priced stocks, including their latest closing prices, daily price changes, turnover rates, and industry classifications [1][2]. - Notable stocks include *ST Changyao at 0.84 yuan, *ST Lifang at 1.01 yuan, and *ST Aowei at 1.33 yuan, with respective daily changes of -4.55%, -2.88%, and -5.00% [1][2].

Group 1 - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] - As of January 6, there are 915 stocks with a circulating market value below 3 billion yuan, and 364 stocks with a circulating market value below 2 billion yuan [1] - A total of 1580 stocks have a total market value below 5 billion yuan, with 529 stocks having a total market value below 3 billion yuan [1] Group 2 - The three stocks with the smallest circulating market values are *ST Changyao at 308 million yuan, *ST Aowei at 431 million yuan, and Kuntai Co. at 634 million yuan [1] - The three stocks with the smallest total market values are *ST Changyao at 308 million yuan, *ST Aowei at 486 million yuan, and *ST Lifang at 667 million yuan [1] - A detailed list of stocks with circulating market values below 2 billion yuan includes various sectors such as pharmaceuticals, defense, automotive, and more, highlighting the diversity within small-cap stocks [1][2]

Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [26]. Core Insights - The external geopolitical situation has increased attention on the military industry, which is currently undervalued and under-allocated. The industry is expected to gradually improve due to the ongoing "14th Five-Year Plan" and favorable foreign trade expectations, suggesting a new round of market activity [3][4]. - The "14th Five-Year Plan" aims to achieve high-quality modernization of national defense and military forces, indicating that the military industry is entering a new cycle of quality and quantity improvement [3]. - The report anticipates that the military industry's fundamentals will continue to improve in the first half of 2026, with a recovery in orders and performance expected to return to normal [3]. - The report highlights the IPO of Blue Arrow Aerospace, which is expected to raise 7.5 billion yuan, marking a golden development period for commercial aerospace [3]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [3]. Market Review - Last week, the Shenwan Defense and Military Index rose by 3.05%, while the CSI Military Leaders Index increased by 4.29%. In comparison, the Shanghai Composite Index rose by 0.13%, the CSI 300 fell by 0.59%, and the ChiNext Index dropped by 1.25% [4][11]. - The defense and military sector's 3.05% increase ranked second among 31 Shenwan primary industry sectors [4]. - The top five performing stocks in the defense and military sector last week were: - Leike Defense: +33.09% - China Satellite Communications: +26.21% - China Satellite: +18.69% - Aerospace Development: +17.22% - Aerospace Morning Light: +14.87% [11]. - Conversely, the bottom five performing stocks were: - Tianjian Technology: -18.92% - *ST Aowei: -14.11% - Zhongguang Defense: -8.17% - Jianglong Shipbuilding: -7.10% - *ST Zhisheng: -4.50% [12]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 91.39, placing it in the 73.38% valuation percentile since January 2014, and in the 99.41% percentile since January 2019. The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [12][13].

Group 1 - The average stock price of A-shares is 14.43 yuan, with 33 stocks priced below 2 yuan, the lowest being *ST Changyao at 0.88 yuan [1] - Among the low-priced stocks, 9 are ST stocks, accounting for 27.27% of the total [1] - In terms of market performance, 25 of the low-priced stocks increased in price, with Yongtai Energy, Dongtong Tui, and *ST Aowei leading the gains at 5.70%, 5.51%, and 5.26% respectively [1] Group 2 - The lowest priced stock, *ST Changyao, has a closing price of 0.88 yuan and a daily turnover rate of 15.68% [1] - Other notable low-priced stocks include *ST Lifan at 1.04 yuan and Dongtong Tui at 1.34 yuan, with daily price changes of 0.00% and 5.51% respectively [1] - The table lists various low-priced stocks along with their latest closing prices, daily price changes, turnover rates, and industry classifications [2]

Group 1 - The company *ST Aowei's stock closed at 1.4 yuan per share on December 31, 2025, with a total market value of 486 million yuan, which is below the 500 million yuan threshold, posing a risk of delisting [1][4] - Investor lawsuits against Aowei Communication for false statements have progressed, with some cases already in court due to inaccurate performance forecast disclosures [1][4] - The company received an administrative regulatory decision in June for issues related to performance forecast information disclosure [1][4] Group 2 - The investor compensation issue originated from Aowei Communication's significant revision of its performance forecast, which was initially projected to be between 450 million to 520 million yuan in revenue and a net loss of 32 million to 45 million yuan [5] - The company later corrected its forecast to an expected revenue of 280 million to 299 million yuan and a net loss of 50 million to 75 million yuan, leading to market scrutiny and a decline in stock price [5] - Investors who purchased shares between April 26, 2024, and April 21, 2025, and sold or held them after April 22, 2025, at a loss are encouraged to participate in the compensation process [2][5]